Why are banks going into insurance?

kryonlight said:

..............Got conned by one UOB consultant.......get conned by the financial consultant because they will only tell you the goods things.

They will try not to tell you the bad things........

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kryonlight said:

OCBC has Great Eastern, and UOB has Prudential.

These so-called financial consultants / personal bankers are doubling up as insurance agents.

Got conned by one UOB consultant. I thought really got 3% interest. Turns out telling me to buy this Prudential policy called "PruCash Max Limited Pay". Wasted my time.

There is really no 3% interest at all. It just an annual so-called cashback, where you get back about 3% of what you paid annually. Fucking hell, is UOB trying to pass this off as 3% interest? Anyone who doesn't understand what he is signing up for will get conned by the financial consultant because they will only tell you the goods things.

They will try not to tell you the bad things. This policy can make losses. There is no guarantee of principal. Best of all, the Prudential policy states that "PruCash Max Limited Pay is not a savings account".

Why is UOB so desperate to pass on their deposits to Prudential? Is UOB flushed with cash? What kind of money does UOB make from Prudential?

CheeBye! Why is UOB trying so hard to turn my savings account into a non-savings account in partnership with Prudential. Hey UOB, wake up your idea! If you want your personal bankers to be insurance agents, tell us upfront. Have you outsourced your personal bankers to Prudential?

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Hans168 said:

Do not buy any financial product from bank. They stink! I bought unit trust from OCBC which made 5% upfront ad I lost over $40,000 over past 13 years!!! They are only interested in making commission profit but never there to give you professional financial advice for the money taken.
NOW why bother with insurance sold by banks? My maid inusurance refund is still NOT processed 2 months after departure of my maid...... what bloody service is this from GE subsidiary?
Already banks are screwing us with super low interests but when lending to us, they charge 5-6 %!!! This is fair? Do you expect anything good from institutions practising unfairly??

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johnny333 said:

I used to have ALL of my $$$ invested in unit trusts. After years of low returns I switched to equities & that was when I started getting big returns.
Now the only unit trust I own are my CPF investments. They are of course making a loss but since I can't touch my CPF I am leaving them alone.

I don't believe in buying insurance in Spore because it's so easy for companies to deny payment. It's not like in Canada where there is better consumer protection.

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Papsmearer said:

Actually, this should be reported to MAS. You need a licence to sell insurance in SIngapore. A regular personal banker who looks after a client's protfiolio is rarely also licenced to sell insurance. They may be authorized to sell mutual funds, loan products, place the client's cash in bonds or whatever fixed deposit instruments, but almost never sell insurance also. The licencing for insurance salesmen is quite onerous, as well, and the bank must have an oversight broker to look after their behaviour. In fact, most banks are required to segregate their insurance operations, that is why u will see a bank owned insurance company in one building, and the HQ in another. In this case, the personla banker should have referred the client to a licensed colleague at Pridential, and let the insurance agent take over.

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Hans168 said:

My hero!!................. PS: tell me earlier lah.

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johnny333 said:

Earlier I didn't have enough experience lah. Now that I've made $$$ I can recommend

After my positive experience in the US market I can recommend investing in the US & to avoid the Spore market. The brokerage fees in the US is much cheaper & for most people it is just a flat fee of under US$10 for executing a buy/sell. There is no holding fee. So if the intent is to hold a stock for the dividen, you only have to pay the US gov'ts a holding fee of 30%. Have held some stocks for over 10+ years & have never had to pay any fee. Unlike in Spore where if you don't trade enough they'll charge a service fee for holding stocks. So for those who are not frequent traders e.g. holding stocks for the dividens. It's cheaper to do that in the US or Malaysia.

Back then it was quite diffcult to invest in the US market. The local brokers were only interested if you were an individual with a high net worth. My broker told me that it was actually the MAS which tried to make life difficult for the small investor.

Nowadays with the internet, it is easy to open an account with a discount broker like Etrade, Think or Swim, Interactive Brokers,....
If you want to trade Malaysian shares you can open a trading account through Maybank, Stand Chart,... in JB.

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halsey02 said:

Ok How much deposit does maybank wants to open a trading account in RM....not found of them or Stan Chart but how much? how about the rest like RHB?? do we have to open an account with, whats that name..like CDP over there?? how to check if one, still have an account? I used to have one with KLSE clearing...that's how long I have been out..

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